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of staff bill daley, senate negotiators democrats dick durbin and republican jon kyl and two members of the so-called gang of six who forged one of the first plans. senator mark warner and saxby chambliss. it's all ahead on on "face the nation." captioning sponsored by cbs "face the nation" with cbs news chief washington correspondent bob schieffer. and now from washington, bob schieffer. >> schieffer: good morning again. we start with white house chief of staff william daley. mr. daly, the republican speaker john boehner now seems to be thinking of a two-part plan here. first congress would agree to cut spending over the next ten years by a trillion dollars and raise the debt limit enough to meet the country's financial obligations for the end of the year. then a 12-person bipartisan committee would be formed to find $3 trillion more in savings and making significant cuts in medicare and social security and overhauling the tax code. congress would then take another vote to raise the debt limit before the 2012 election. democrats and the white house have already said there will be no
a prayer for today's meeting then you have senator jon kyl, a republican, saying that the white house essentially walked away from $500 billion in cuts that the do sides had already agreed to so no one right now can point to any progress that these talks are achieving. >> pelley: senator mcconnell proposed a stopgap plan today in case they miss the deadline. what was that about? >> well, it's a pretty complicated plan, scott, and it essentially boils down to allowing the president to raise the debt limit in fits and starts over the next year and a half and essentially puts off any talk of spending cuts to a later date. the plan went over with a thud among house republicans who see this as giving in, but mcconnell says that he doesn't want to be a party to default and he certainly doesn't want republicans to be blamed if there is a default, scott. >> pelley: thanks, nancy. this deal to reduce the deficit could be huge. somewhere between $1 and $4 trillion. they're talking about taxes, social security, medicare, defense and most everyone agrees thisv it has to be done by next week to gi
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